Bacanora Minerals Ltd Exercise of Warrants and Options / Issue of Equity (2329S)
29 September 2017 - 6:58PM
UK Regulatory
TIDMBCN
RNS Number : 2329S
Bacanora Minerals Ltd
29 September 2017
Bacanora Minerals Ltd
('Bacanora' or the 'Company')
Exercise of Warrants and Options / Issue of Equity
Exercise of Warrants
Bacanora, the Canadian and London listed (TSX-V: BCN and AIM:
BCN) lithium exploration and development company focused on Sonora,
Mexico, announces that the Company has issued 833,333 new common
shares in the Company pursuant to the exercise of the remaining
Warrants that were issued as part of the fund-raising in March 2013
at CAN$0.45 each (28p). Following this exercise the Company has no
further warrants outstanding.
Exercise of Options
Furthermore, the Company announces that options over 50,000
common shares have been exercised at a price of CAN$0.25 each
(15p). The options were issued in September 2012.
Issue of Equity
Application will be made for 883,333 new common shares to be
admitted to trading on AIM. Admission is expected to occur on or
around 4 October 2017. These shares will rank pari passu with the
existing common shares in issue. Following the issue of the shares
outlined above, there will be 132,789,872 Common Shares in issue.
This number may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
**ENDS**
Bacanora Minerals Peter Secker, CEO info@bacanoraminerals.com
Ltd.
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Cairn Financial
Advisers LLP, Sandy Jamieson/Liam +44 (0) 20
Nomad Murray 7213 0880
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Canaccord Genuity, Martin Davison, James +44 (0) 20
Broker Asensio 7523 8000
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St Brides Partners,
Financial PR +44 (0) 20
Adviser Frank Buhagiar 7236 1177
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ABOUT BACANORA:
Bacanora is a Canadian and London listed lithium exploration and
development company (TSX-V: BCN and AIM: BCN). The Company is
exploring for, and developing a pipeline of international lithium
projects, with a primary focus on the Sonora Lithium Project. The
Company's operations are based in Hermosillo in northern Mexico.
The Company is led by a team with lithium expertise and proven mine
development, construction and operations experience.
The Sonora Lithium Project, which consists of ten mining
concession areas covering approximately 100 thousand hectares in
the northeast of Sonora State. The Company, through drilling and
exploration work to date, has established an Indicated Mineral
Resource (in accordance with NI 43-101) of 4.5 million tonnes
(LCE[1]) and 2.7 million tonnes Inferred.[2] A Pre-Feasibility
Study completed in Q1 2016[3] established Probable Mineral Reserve
(in accordance with NI 43-101) of 2.1 million tonnes LCE and
demonstrated the economics associated with becoming a 35,000 tpa
lithium carbonate and 50,000 tpa SOP producer in Mexico.
In addition to the Sonora Lithium Project, the Company also has
a 50% interest in the Zinnwald Lithium Project in southern Saxony,
Germany. The Zinnwald Lithium Project is located in a granite
hosted Sn/W/Li belt that has been mined historically for tin,
tungsten and lithium at different times over the past 300 years.
The strategic location of the Zinnwald Lithium Project allows
immediate access to the German automotive and downstream lithium
chemical industries.
1 LCE = lithium carbonate (Li(2) CO(3) ) equivalent; determined
by multiplying Li value in percent by 5.324 to get an equivalent
Li(2) CO(3) value in per cent. Use of LCE is to provide data
comparable with industry reports and assumes complete conversion of
lithium in clays with no recovery or process losses.
2 See Amended Mineral Resource Estimate for the Sonora Lithium
Project, Mexico, April 2016. The lead author of the amended report
is Mr. Martin Pittuck (MSc., C.Eng., FGS, MIMMM) of SRK Consulting
(UK) Limited ('SRK'). A copy of this report is available under
Bacanora's corporate profile at www.sedar.com.
3 See Technical Report on the Pre-Feasibility Study for the
Sonora Lithium Project, Mexico, 15 April 2016. The authors of the
PFS are Ausenco Limited, SRK and Independent Mining Consultants
Inc. A copy of this report is available under Bacanora's corporate
profile at www.sedar.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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